Dealing with Financial Issues and Property Division in Divorce
Illinois couples know that divorce is one of the most complicated financial situations that they will ever face. From property division to asset valuation, divorce brings a host of financial changes that must be navigated in a manner that protects long-term interests. With the proper guidance, it is possible to survive divorce on a financial footing that allows for a stable future.
No matter how old a couple may be, divorce will have a direct impact on retirement savings and long-term investments. Properly valuing and dividing pensions and retirement accounts is one of the most complicated aspects of divorce and there are very few ways to prepare for it. One of the few ways to financially prepare for a divorce is by drafting a prenuptial or post-nuptial agreement.
As a couple divorces, it is important to recognize that the financial impact can last a lifetime. It can be practical to divorce knowing that Illinois individuals will need a new plan for retirement, savings and investments. An individual has the right to an equitable portion of marital assets, including portfolios and stock options. When a couple is able to do so, it can be financially beneficial to work together on a divorce agreement that includes negotiated financial terms.
There is simply no way to avoid the financial ripple effect that a divorce causes. However, when the property division is approached in the right way, a person can transition into life after divorce with fewer financial road blocks. In the midst of child custody disputes, alimony negotiations and complex divorce paperwork, it is important to make smart, thoughtful decisions regarding finances.
Source: marketwatch.com, “Picking up the financial pieces after a divorce“, Chuck Jaffe, April 6, 2015
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